HONG KONG, March 26 Macau casino operator Galaxy
Entertainment Group Ltd more than doubled its net
profit in 2012 to a record high, lifted by spending from
mainland Chinese visitors to its flagship property in the
world's biggest gambling hub.
Galaxy, one of six licensed operators in Macau, said
full-year net profit was HK$7.4 billion ($950 million), up from
HK$3 billion in the prior year. The result was in line with the
average estimate of analysts for HK$7.5 billion in a Thomson
Revenue rose 38 percent to HK$56.7 billion, it said in a
statement on the Hong Kong stock exchange.
Its flagship property, the Galaxy Macau, has helped draw
more visitors to Macau's developing Cotai strip since the
casino-resort opened in 2011. The strip lies across from the
main Macau peninsula, which is home to the MGM Macau, the Wynn
Macau and Galaxy's smaller Starworld casino.
Due to a lack of space on the crowded main peninsula, casino
operators are expanding their footprint in Cotai to capture a
larger slice of the Macau market, which raked in gambling
revenue of $38 billion last year.
Galaxy, with a stock market value of $18 billion, is the
second-biggest gambling company in Macau after Sands China Ltd
. Controlled by the Lui family of Hong Kong, Galaxy is
expected to open a new phase of the Galaxy Macau in 2015.
Among casino operators, Galaxy is armed with the biggest
parcel of land on Cotai. The company's Galaxy Macau flagship
accounts for just 25 percent of its total allocated space on the
The stock was up 0.45 percent prior to the results on
Tuesday, against a 0.3 percent fall in the benchmark Hang Seng
(Reporting by Lee Chyen Yee and Farah Master; Editing by Chris